Posted on: 03rd Dec, 2013 01:04 am
I am going through divorce and refinancing. Will I be able to save my house if I refinance the mortgage by adding my brother to it? My wife wants to be bought out.
Hi Guest,
You should first allow the divorce process to get completed. Once that is done, then you and your brother can refinance the mortgage. Once you refinance and pay off the loan, you will be able to save the property.
Thanks,
Jerry
You should first allow the divorce process to get completed. Once that is done, then you and your brother can refinance the mortgage. Once you refinance and pay off the loan, you will be able to save the property.
Thanks,
Jerry
Hi Guest,
It is true that the divorce process needs to be completed before you try for refinancing. Once the divorce process gets completed, it will be easier for you to refinance the loan.
It is true that the divorce process needs to be completed before you try for refinancing. Once the divorce process gets completed, it will be easier for you to refinance the loan.
You may refinance anytime. If you refinance before the divorce is final, your soon to be ex-wife must sign a couple papers at closing which basically allow her to say that she knows you are refinancing and it is OK. If by refinancing you are taking cash out to buy her out, that is OK as long as the buy amount is agreed to legally.
Your brother can be added to the new mortgage. If you are adding your brother becsue you need to do so in order to qualify to refinnce, that is OK.
If you are refinancing before the divorce is final, the lender will probably require a separation agreement noting the buyout amount, if any, and if there will be any alimony or child support payments. Those payments are included in the debt ratio. So, the divorce need not be final, but you will probably need a legal separation agreement to refinance.
Your brother can be added to the new mortgage. If you are adding your brother becsue you need to do so in order to qualify to refinnce, that is OK.
If you are refinancing before the divorce is final, the lender will probably require a separation agreement noting the buyout amount, if any, and if there will be any alimony or child support payments. Those payments are included in the debt ratio. So, the divorce need not be final, but you will probably need a legal separation agreement to refinance.
